Are you new to Medicare? Or maybe you are turning 65 soon, and you need guidance with Medicare and supplement plans for Original Medicare.
Either way, Medicare can be difficult to understand, and it is important to know your plan options when it comes to your health care.
That is where we come into play. Patriot Insurance Brokers Waite Park and Elk River can assist you in finding plans and answering your questions.
Replacing Original Medicare with Medicare Supplement
Now you are eligible for Medicare or will be very soon. Enrollment in Medicare happens when you are turning 65 or if you have been on disability for 24 months (about 2 years).
You will sign up for Medicare Part A, covering inpatient hospitals, some skilled nursing, and some home health care. Medicare Part B covers doctor visits, outpatient care, lab tests and screenings, and medical supplies.
Part A and Part B make up Original Medicare which covers 80% of your medical bill, leaving you with 20% out-of-pocket cost.
Supplement plans are meant to help you cover the 20% out-of-pocket cost. This extra coverage is to fill the cost-sharing gaps of Original Medicare.
What Medicare Supplement Plans are Available?
When it comes to Medicare Supplement plans, also referred to as Medigap, there are different plan options available. All Medicare Supplement plans are accepted by participating Medicare providers.
Medicare Supplement plans pay for Medicare-covered services. They also all offer some emergency coverage for foreign travel.
Medigap plans move from county to county and state to state, unlike Medicare Advantage plans, which I will discuss later. You may have a different rate, which could be higher when moving to another state.
Your Minnesota insurance carriers like Blue Cross Blue Shield of Minnesota, UCare, Health Partners, and Medica offer Medicare Supplement plans for 2022. Rates can vary between Medicare Supplement plans.
Patriot Insurance Brokers in Waite Park and Elk River will help you look at and compare the different monthly premiums from all the carriers available.
High Deductible Plan F
Medicare Supplement High Deductible Plan F is available for those who want a lower monthly premium but are willing to have a high deductible plan. In this plan, the member would need to meet the deductible before the plan would pay.
For example, when you go to the doctor, you would be responsible for the 20% Medicare gap until the deductible was met. Medicare enrollees may want this plan because it has the lowest monthly premium for Medicare Supplement plans.
Basic Medicare Supplement
Basic Medicare Supplement is a higher monthly premium plan. One would benefit from this plan if they did not like co-pays or co-insurance. When you go to the doctor, you do not have to pay a co-pay for a visit.
Your out-of-pocket costs are in the premium. This plan is great for those who travel because they can see any doctor who accepts Medicare.
Extended Basic Medicare Supplement
Extended Basic Medicare Supplement is similar to the Basic Medicare Supplement plan. This plan is for a person who travels to foreign countries as it provides coverage in foreign countries.
However, the benefit of having additional foreign coverage means an increased monthly premium. Medicare Supplement plans are intended to cover the gap of Original Medicare.
Because Original Medicare does not cover Part D, you would want to purchase a Part D prescription drug plan to get coverage. Prescription Drug plans also have a monthly premium.
If you do not enroll in a Part D plan, you could be penalized later when you decide to enroll per Medicare regulations. Currently, there is no dental coverage, vision eyewear coverage, or hearing aid coverage.
Confusion between Medicare Supplement and Medicare Advantage Plans
There has been some confusion with Medicare Supplement plans and Medicare Advantage plans. Not to be confused, Medicare Supplement plans (Medigap) are to fill in the gap of Original Medicare.
They cover the gap of only Medicare Part A and Part B. Medicare Advantage plans (Medicare Part C) are administered by insurance carriers for Medicare.
Because they are administered by insurance carriers, Medicare Advantage plans tend to offer additional benefits for members such as dental, eyeglasses, and hearing aid discounts.
Find the Perfect Medicare Policy
Using Patriot Insurance Brokers gives you a trusted contact who works with you to compare multiple Medicare plans based on your needs. It is our focus to find the plans that fit your needs in Waite Park and Elk River.
Give our Patriots a call today at (888)-232-2583, so we can put your interests first and protects what matters to you most.